Trump Media is unveiling a digital asset treasury platform to get the $CRO crypto token in new collaboration with Crypto.com and Yorkville Acquisition Corp. As per the reports, Trump Media has agreed to purchase $105M in $CRO in return for Crypto.com’s buyout of $50M Trump Media shares.
As the official statement from Trump Media discloses, the collaborators are putting nearly $6.4B into the Trump Media Group CRO Strategy, Inc., its exclusive crypto entity devoted to acquiring $CRO, the Cronos ecosystem’s native token. In this respect, Cronos and Crypto.com started collaborating back in February.
Trump Media Buys $105M $CRO as Crypto.com Invests $50M in Shares
Trump Media’s agreement includes the purchase of $105M in the form of $CRO tokens. In return for this, Crypto.com is buying $50M in Trump media shares. This exclusive crypto expansion of Trump Media is not the earliest foray of President Trump into the crypto sector. Back in January, the firm unveiled a fintech entity Truth.Fi.
In this respect, Truth.Fi describes the Truth Social movement’s natural expansion. This adds to making U.S.-focused investment vehicles as another move to assist American patriots in shielding themselves from hazards posed by Big Tech corporations.
Trump additionally approved the GENIUS Act in July, offering a robust agenda for digital assets supported by traditional assets like bank deposits or Treasury bills.
Initiative Gets Funding from YA II PN and in Cash, While Trust Social Enables Payments in $CRO
Additionally, Trump also approved an order to develop a strategic Bitcoin reserve. Simultaneously, the latest Trump-backed treasury platform will get partial funding from an associate of Yorkville, YA II PN, Ltd. The funding plan will be sourced from $200M in cash, $1B in $CRO, and $220M in cash-in obligatory exercise warrants.
As per the agreement, Trump Media has a strategy to purchase $105M in $CRO, denoting 2% of the cumulative market cap of $CRO. Apart from that, Crypto.com will purchase $50M shares of the common stock of Trump Media. Therefore, the two intend to let Truth Social consumers recompense for subscriptions as well as services.
